MONTREAL — Alimentation Couche-Tard on Thursday increased its offer to acquire convenience operator Casey’s General Stores to $36.75 per share from $36.
Couche-Tard said the offer represents a 26% premium over the one-year average closing share price of Casey’s as of April 8, the last trading day prior to the public disclosure of Couche-Tard’s proposal. It also represents a 12% premium to the all-time and 52-week high trading price of common stock of Casey’s trading prior to April 8.
Couche-Tard noted that stock indexes had fallen since April, indicating even greater premiums were the offer not on the table. Casey’s board of directors previously urged its shareholders not to tender shares, saying the $36 offer was inadequate.
